Annual Accounts reporting season

[Mysterion]

There's an obsessive blogger around suggesting that Rangers are having "PR" issues with the state of their accounts and their new auditor isn't playing ball like the last ones at helping make things look a bit better.

 

Latest rumour is they have an unpaid tax bill which they have an agreement to pay back over a few months. Also additional shares issues a month after the HK investor bought a load. 

 

If Rangers are shown to be gaslighting the league on finance again they need to be taken to task.

[Saint Jambo]

1 hour ago, loveofthegame said:

Aberdeen just sold McKenna for £3m which I assume hasn't been taken into account for any of those numbers and have a few other players who are probably fairly valuable assets (Ferguson, Cosgrove and McCrorie in particular).

 

Far from ideal for them but sure they'll be fine.

 

They sold McKenna in September. They are publishing financial results today. The McKenna transfer income will be included in the projected income for 2020/21, so will already be taken into account before projecting a £5m loss.

[Bazzas right boot]

1 hour ago, loveofthegame said:

Aberdeen just sold McKenna for £3m which I assume hasn't been taken into account for any of those numbers and have a few other players who are probably fairly valuable assets (Ferguson, Cosgrove and McCrorie in particular).

 

Far from ideal for them but sure they'll be fine.

 

Never knew they sold him... 🙄

 

Yeah, that will help them. 

Livi and Motherwell have done likewise. 

[Ex member of the SaS]

43 minutes ago, Mysterion said:

There's an obsessive blogger around suggesting that Rangers are having "PR" issues with the state of their accounts and their new auditor isn't playing ball like the last ones at helping make things look a bit better.

 

Latest rumour is they have an unpaid tax bill which they have an agreement to pay back over a few months. Also additional shares issues a month after the HK investor bought a load. 

 

If Rangers are shown to be gaslighting the league on finance again they need to be taken to task.

Yes the same blogger also said that Sevco have used the pandemic rules to put off publishing their accounts until next summer, in the hope they win the league and get Europe thus increasing revenue.

[Saint Jambo]

.

Edited November 20, 2020 by Saint Jambo

[Saint Jambo]

1 hour ago, loveofthegame said:

Aberdeen just sold McKenna for £3m which I assume hasn't been taken into account for any of those numbers and have a few other players who are probably fairly valuable assets (Ferguson, Cosgrove and McCrorie in particular).

 

Far from ideal for them but sure they'll be fine.

 

They sold McKenna in September. They are publishing financial results today. The McKenna transfer income will be included in the projected income for 2020/21, so will already be taken into account before projecting a £5m loss. McCrorie is on loan from Rangers this season because they couldn't afford to pay a fee this summer. He is then due to become an Aberdeen player next summer, presumably on payment of a transfer fee as he will still have a year left on his Rangers contract at that stage. 

[132goals1958]

56 minutes ago, Mysterion said:

There's an obsessive blogger around suggesting that Rangers are having "PR" issues with the state of their accounts and their new auditor isn't playing ball like the last ones at helping make things look a bit better.

 

Latest rumour is they have an unpaid tax bill which they have an agreement to pay back over a few months. Also additional shares issues a month after the HK investor bought a load. 

 

If Rangers are shown to be gaslighting the league on finance again they need to be taken to task.

 

I think Deloittes binned Sevco who then appointed a much lower profile auditor Campbell Dallas

[Footballfirst]

The least surprising accounts of the reporting season.

 

RIFC  -  Operating loss £15.9m, total loss £18.1m

 

The have also reported a contingent liability to Sports Direct International of £3.15m

 

Future funding needs:

At the time of preparation, the forecast identified that the Group would require £8.8m by way of debt or equity funding by the end of season 2020/21 in order to meet its liabilities as they fall due with further funding of £14.4m required by the end of season 2021/22. The first tranche of funding is required from investors before the end of November 2020. However, the final amount required is dependent on future football performance, European football participation, player trading and the ongoing impact of COVID-19 amongst other factors.

 

They also have a tax debt of £9.7m (up from £2.9m last year) which may be the tax bill that PMGB has been referring to.

Edited November 20, 2020 by Footballfirst

[Mysterion]

This is why financial rules need to be tightened up. Rangers making a mockery of things and hoping for bailouts by rich fans.

[Brighton Jambo]

.

[Anderson5]

2 hours ago, Footballfirst said:

The least surprising accounts of the reporting season.

 

RIFC  -  Operating loss £15.9m, total loss £18.1m

 

The have also reported a contingent liability to Sports Direct International of £3.15m

 

Future funding needs:

At the time of preparation, the forecast identified that the Group would require £8.8m by way of debt or equity funding by the end of season 2020/21 in order to meet its liabilities as they fall due with further funding of £14.4m required by the end of season 2021/22. The first tranche of funding is required from investors before the end of November 2020. However, the final amount required is dependent on future football performance, European football participation, player trading and the ongoing impact of COVID-19 amongst other factors.

 

They also have a tax debt of £9.7m (up from £2.9m last year) which may be the tax bill that PMGB has been referring to.

While the media are reporting the figures. No one seems to be stating the obvious. That RIFC are ****ed in the long term. 
 

An £18.1m loss with 2 months of no fans will result in a much bigger loss in 20/21 with no fans attending and the players they’ve bought. 
 

It really is an all or nothing throw of the dice by RIFC this season. 

[buzzbomb1958]

WTF is no one going to look into this out and out financial doping this is incredolous that these cheats are going down the same road again because of the governing body turning a blind eye Scottish football is going to be another laughing stock ,of course the cheats will blame covid and it's nothing to do with paying 35 grand a week wages they can't afford.This shit shouybe stopped it's a disgrace

[graygo]

I've no idea who or what you're talking about, got a link or more info?

[SMJ_1874]

3 minutes ago, graygo said:

I've no idea who or what you're talking about, got a link or more info?

Must be referring to one of the erse cheeks....I’m thinking the blue one 🤔

[graygo]

3 minutes ago, Saughton Jambo said:

Must be referring to one of the erse cheeks....I’m thinking the blue one 🤔

 

I think your right. Hope we get more details.

[buzzbomb1958]

13 minutes ago, graygo said:

I've no idea who or what you're talking about, got a link or more info?

The new entity posted a loss of 16.9 miill 

[buzzbomb1958]

2 minutes ago, buzzbomb1958 said:

The new entity posted a loss of 16.9 miill 

And they need another 8 mill to see out the season blaming covid , nothing to do with the wages they pay

[graygo]

4 minutes ago, buzzbomb1958 said:

And they need another 8 mill to see out the season blaming covid , nothing to do with the wages they pay

Wow!! They must be sailing close to the wind.

 

Their supporters will probably rally round and save them, oh wait......

Edited November 21, 2020 by graygo

[SMJ_1874]

Is it too much to ask that they get liquidated again? Will probably just come back and be called The The Rangers. Will apply to the SFA to be able to keep their championship win and  Irn Bru cup to go with their 54 titles and all that though eh. Nothing to do with paying Jermaine Defoe his £35k per week though. It’s all Covids fault 😢
 

Most successful club side in the world doncha know? 🤣🤣🤣🤣

[WheatfieldWarrior]

41 minutes ago, Saughton Jambo said:

Must be referring to one of the erse cheeks....I’m thinking the blue one 🤔

 

https://www.thescottishsun.co.uk/sport/football/6307755/rangers-159m-operating-loss-scottish-football-coronavirus/

Edited November 21, 2020 by WheatfieldWarrior

[J.T.F.Robertson]

 

Why not just concentrate on our own shitshow?

 

[Lovecraft]

1 hour ago, Saughton Jambo said:

Is it too much to ask that they get liquidated again? Will probably just come back and be called The The Rangers. Will apply to the SFA to be able to keep their championship win and  Irn Bru cup to go with their 54 titles and all that though eh. Nothing to do with paying Jermaine Defoe his £35k per week though. It’s all Covids fault 😢
 

Most successful club side in the world doncha know? 🤣🤣🤣🤣

Pretty sure Rangers wish he was on £35k a week.

 

 

[Doctor FinnBarr]

5 hours ago, graygo said:

Wow!! They must be sailing close to the wind.

 

Their supporters will probably rally round and save them, oh wait......

Dutch bloke on a white horse will turn up soon.

[vegas-voss]

I'm so far gone with how much I can't be done with Celtic that I'm more than happy for Rangers to rack up massive debts as long as they stop Celtic winning 10.

[kingantti1874]

Who gives a ****? Honestly every club  in the country has spent more than they bring in at times .. it’s not illegal no matter how much folk bleat on about it.

 

 

[Smoked-Glass]

5 hours ago, buzzbomb1958 said:

The new entity posted a loss of 16.9 miill 

1690 is their favourite number

[allystrachan]

Great! My ideal outcome is that Rangers win the league to stop 10 IAR then go burst again. So far things look on course for that scenario. 

[AlphonseCapone]

38 minutes ago, allystrachan said:

Great! My ideal outcome is that Rangers win the league to stop 10 IAR then go burst again. So far things look on course for that scenario. 

 

This! 

[Bull's-eye]

What's this nonsense. 

 

We're only allowed to slag off Hearts after a defeat, thems the rools. 

 

 

[kingantti1874]

Our finances will be similar to Aberdeen. Maybe a bit worse given they received over £1m more in prize money

[Sarah O]

1 hour ago, vegas-voss said:

I'm so far gone with how much I can't be done with Celtic that I'm more than happy for Rangers to rack up massive debts as long as they stop Celtic winning 10.

It's a win win really. 

 

No ten and Rangers dead. That will do. 

[Midloth_Iain]

 

 

 

wow, what a photo !  😂🤣

[husref musemic]

Astonishing that there loss is equivalent to our entire turnover. 

 

[Whatever]

10 hours ago, Mysterion said:

This is why financial rules need to be tightened up. Rangers making a mockery of things and hoping for bailouts by rich fans.

Isn’t that exactly what Ann and the board have been doing the last few years?

[Allowayjambo1874]

20 minutes ago, Whatever said:

Isn’t that exactly what Ann and the board have been doing the last few years?

When FFP rules first came out I think you could offset academy expenses and stadium improvement projects against any losses.
 

Think it’s fair to say if both these had not required funding when AB took over we wouldn’t have required the extra funding (or not to that extent anyway) 
 

No idea if Aberdeen’s accounts also have new stadium build included as that would make a massive difference to expenditure.

 

Is it correct that Rangers v Celtic’s turnover gap is reducing? If I’m reading it correctly the difference is down to £10m, just a couple of seasons ago wasn’t it something daft like £50m? 

[Meadows]

Phil Mac GB states they owe around £7.5 million to HMRC and are paying it at One Million per month ... frightening stuff ! 
Rangers have admitted they are bawdeep in debt , fortunately ( for them ) Scottish Football does NOT have Financial Fair play rules , I wonder why ? 
The best case scenario for me is TRFC stopping ten in a row , Going bust and liquidated . 
popcorn sales will go through the roof !! 

[Allowayjambo1874]

2 hours ago, allystrachan said:

Great! My ideal outcome is that Rangers win the league to stop 10 IAR then go burst again. So far things look on course for that scenario. 

I’m afraid this won’t happen because if Rangers win the league then they get into champions league and if they can get into group stage all their losses will disappear overnight. 
 

I think every annual accounts published by them in last three-four years has talked about the land of milk and honey that is the champions league. They are the ultimate ‘jam tomorrow’ club but they will inevitably get there, it’s just they have been propped up by wealthy supporters and the annual share issue sales on the way. 

[Footballfirst]

1 hour ago, Meadows said:

Phil Mac GB states they owe around £7.5 million to HMRC and are paying it at One Million per month ... frightening stuff ! 
Rangers have admitted they are bawdeep in debt , fortunately ( for them ) Scottish Football does NOT hae Financial Fair play rules , I wonder why ? 
The best case scenario for me is TRFC stopping ten in a row , Going bust and liquidated . 
popcorn sales will go through the roof !! 

Some of that tax debt may be the result of Covid and the  Westminster government decision to allow companies to delay their VAT payments, with time to pay arrangements, going all the way through to the 21/22 tax year. I would expect that a proportion of TRFC's ST income would have come in before their financial year end, with VAT to be paid from that as well as any other amounts due.

[Meadows]

22 minutes ago, Footballfirst said:

Some of that tax debt may be the result of Covid and the  Westminster government decision to allow companies to delay their VAT payments, with time to pay arrangements, going all the way through to the 21/22 tax year. I would expect that a proportion of TRFC's ST income would have come in before their financial year end, with VAT to be paid from that as well as any other amounts due.

Thanks FF , whatever it may be or however it was accrued it’s still going to be painful repaying it. Especially with tax liabilities accruing ongoing . 

[allystrachan]

1 hour ago, Allowayjambo1874 said:

I’m afraid this won’t happen because if Rangers win the league then they get into champions league and if they can get into group stage all their losses will disappear overnight. 
 

I think every annual accounts published by them in last three-four years has talked about the land of milk and honey that is the champions league. They are the ultimate ‘jam tomorrow’ club but they will inevitably get there, it’s just they have been propped up by wealthy supporters and the annual share issue sales on the way. 

Yeh your probably right...

 

let me update my original statement to include rangers getting knocked out at the qualification stage of the champs league too. 

[JamboAl]

30 minutes ago, Footballfirst said:

Some of that tax debt may be the result of Covid and the  Westminster government decision to allow companies to delay their VAT payments, with time to pay arrangements, going all the way through to the 21/22 tax year. I would expect that a proportion of TRFC's ST income would have come in before their financial year end, with VAT to be paid from that as well as any other amounts due.

Cannot see how that changes the overall complexion.  If they had paid the tax timeously then something else would have been identified as a debt

[Seymour M Hersh]

23 hours ago, 132goals1958 said:

 

I think Deloittes binned Sevco who then appointed a much lower profile auditor Campbell Dallas

 

This guy could be called Campbell Dallas. 

 

 

[Footballfirst]

41 minutes ago, JamboAl said:

Cannot see how that changes the overall complexion.  If they had paid the tax timeously then something else would have been identified as a debt

The accounts tell us that they have tax debts of £9.7m , up from £2.9m a year earlier.

 

They may have chosen to delay payment of tax due between the Chancellor's decision on 20 March until their year end on 30 June.

 

That tax still has to be paid, with only the timing changed, which may have delayed their requirement to raise more cash sooner.

[Footballfirst]

I picked up on a one liner from their accounts that shows that Dave King is now charging interest on his last £5m loan facility. He previously didn't charge interest on his loans.

 

"A further facility provided by Laird to the Company of £5m is being charged interest at 8% on an accruing basis."

[JamboAl]

5 minutes ago, Footballfirst said:

The accounts tell us that they have tax debts of £9.7m , up from £2.9m a year earlier.

 

They may have chosen to delay payment of tax due between the Chancellor's decision on 20 March until their year end on 30 June.

 

That tax still has to be paid, with only the timing changed, which may have delayed their requirement to raise more cash sooner.

I understand that but if they had paid the tax earlier something else would have suffered and thus ahown up as a debt (or greater debt)

[graygo]

11 hours ago, WheatfieldWarrior said:

 

https://www.thescottishsun.co.uk/sport/football/6307755/rangers-159m-operating-loss-scottish-football-coronavirus/

 

Can someone explain in layman terms how they can increase their turnover and yet also increase their debt when I would have thought their cost base has reduced due to no game expenses. 

[JamboAndrew]

7 minutes ago, Footballfirst said:

I picked up on a one liner from their accounts that shows that Dave King is now charging interest on his last £5m loan facility. He previously didn't charge interest on his loans.

 

"A further facility provided by Laird to the Company of £5m is being charged interest at 8% on an accruing basis."

 

Wow, I always wondered why these businessmen seemed keen to put money in. 8% is a good return on your money. And he will be avoiding paying tax in multiple ways.

[JamboAndrew]

1 minute ago, graygo said:

 

Can someone explain in layman terms how they can increase their turnover and yet also increase their debt when I would have thought their cost base has reduced due to no game expenses. 

Sell more stuff to the orcs and borrow more money to pay inflated wages and interest on ill intentioned loans.

[Bazzas right boot]

Rangers are cheating *******s. 

Plain and simple. 

 

They largely get a free ride on here  as the alternative is seen as celtic but they ae cheating *******, the cheat us and Scottish football plain sight.

 

 

 

 

Edited November 21, 2020 by Smith's right boot

[Bazzas right boot]

4 minutes ago, graygo said:

 

Can someone explain in layman terms how they can increase their turnover and yet also increase their debt when I would have thought their cost base has reduced due to no game expenses. 

 

 

Like you getting Getting a £5k pay rise but at the same  taking out a £20k credit card and spending it.